Gold prices fell on Thursday, approaching their lowest level in a week, amid continued inflation concerns in global markets.

Trading data showed that spot gold prices fell by 0.4% to $4,060.46 per ounce, after dropping yesterday to its lowest level since the beginning of July.

In a related context, trading indicated that US gold futures for August delivery fell by 0.3% to $4,069.80 per ounce.

Data added that spot silver prices fell by 0.9% to $57.77 per ounce, while platinum prices rose 0.8% to $1,591.13, and palladium prices increased 0.8% to $1,223.95 per ounce.